Per my employer, I have 24 hours (yes; I know; eyeroll) to decide how much I want to put in a SIMPLE IRA with American Funds as of 1/1. Employer does a match up to 3% so I know I will do that much but am not sure how much further to go because I really, really do not understand the fundamentals of investing and am afraid to make such an uniformed decision.
I'm 31 with $0 in retirement. Only $22k in the bank. Own a small Brooklyn apartment with 13.5 years left on my mortgage of $99k. No other debt. Married with a HHI of $130k and husband has a whopping $10k sitting in old 401(k)s so yes, we are behind on everything. No kids yet.
The adviser was giving me a lot of pressure to invest 15% of my income with American Funds so I catch up sooner rather than later. I can afford to do it, strictly speaking, but am afraid I should be either saving for emergencies or at least waiting until I have some semblance of financial literacy before making this investment. What do you think I should do? Thanks.
I'm 31 with $0 in retirement. Only $22k in the bank. Own a small Brooklyn apartment with 13.5 years left on my mortgage of $99k. No other debt. Married with a HHI of $130k and husband has a whopping $10k sitting in old 401(k)s so yes, we are behind on everything. No kids yet.
The adviser was giving me a lot of pressure to invest 15% of my income with American Funds so I catch up sooner rather than later. I can afford to do it, strictly speaking, but am afraid I should be either saving for emergencies or at least waiting until I have some semblance of financial literacy before making this investment. What do you think I should do? Thanks.